Coalition, an Active Insurance provider, has expanded into the excess cyber insurance market in Australia. This move allows businesses to enhance their cyber risk management with up to AUD 20 million in additional coverage on top of their primary insurance.
Australian brokers can now offer Coalition’s excess policies, which include drop-down cover for specific sub-limited coverage, such as funds transfer fraud and social engineering, via endorsement. These policies also grant organizations access to Coalition’s cyber risk management platform, Coalition Controlᵀᴹ, and a dedicated security support team to address security issues and alerts.
Cybercrime in Australia
The entry of Coalition into the Australian market is timely, given the increasing threat of cybercrime in the country. In 2022, high-profile cyber-attacks targeted major companies like Optus and Medibank, compromising the personal data of millions of customers. The average cost of a data breach in Australia is close to three million U.S. dollars, highlighting the financial impact of cyber security breaches. The cybersecurity industry in Australia was expected to reach 4.5 billion U.S. dollars in 2022, nearly one billion more than in 2019, demonstrating the growing investment in cybersecurity.
“Building on the success of our primary launch, we’re thrilled that Coalition’s innovative Active Cyber Insurance offering for excess is available for brokers to start quoting now,” said Sam Weaver, Coalition’s General Manager for Australia. “Our broad appetite for offering cyber coverage will enable more Australian businesses to acquire cyber insurance and be better protected from digital risks.”
Australia marks Coalition’s fourth global market, following successful launches in the U.S. in 2018, Canada in 2020, and the U.K. in 2022. The company already provides excess cyber products in these markets, reinforcing its commitment to enhancing cyber risk management worldwide.
By providing an additional layer of protection, Coalition aims to help businesses mitigate the increasing threat of cyber attacks and improve their overall security posture. With its innovative approach to cyber insurance and risk management, Coalition continues to lead the way in safeguarding organizations against digital risks.
Source: Coalition Enters Excess Cyber Insurance Market in Australia.
Other News: Coalition Touts New AI Tools for Cyber Insurance (Opens in a new browser tab)
